Ten-X Launches New Dashboard To Increase Transparency, Bulk Up Commercial Offering
Silicon Valley- and Irvine-based Ten-X has launched a new dashboard for Ten-X Commercial to enhance the broker, seller and buyer experience. Ten-X and other online platforms like Zillow, CoStar’s LoopNet and StreetEasy have long struggled to attract more brokers to use their products for commercial deals. Many brokers prefer more hands-on deals.
Ten-X Senior Director of Product Marketing Tony Belforte said Ten-X has been about finding an unknown buyer from around the globe using a data-driven marketing engine and bringing a listing to the market, but customers have had questions about how and in what way this marketing is done. Ten-X’s new dashboard is the company’s strategy to increase transparency.
“We haven’t communicated … the customer experience as well as we would have liked to date,” he said.
The new dashboard is meant to address this challenge and bulk up the Ten-X Commercial platform, he said. The new dashboard answers the questions of how a listing is being marketed, whether the marketing is driving any leads, what a market is willing to pay and who are the interested buyers.
The dashboard is of strategic importance to the company and a lot of resources have been devoted to improving the buyer and seller experience, he said.
It provides access to data and reports about each listing. It combines buyer, seller and broker platforms into one area. The biggest changes are on the seller side. Each listing provides information to track Ten-X and broker marketing efforts down to a list of types of marketing tactics.
The website shows how many clicks and views each listing receives as well as how many interested buyers have submitted offers and how many were accepted to bid during a live auction. Using Google Maps, the listings show where viewers are from to give people a better understanding of the global reach listings have, Belforte said.
Graphs and charts provide daily or weekly reports on listing activity. The dashboard also provides easier access to favorites and saved searches.
In a buyers tab, customers can view names, addresses and contact information for interested buyers that can be used for follow-up calls. The tab also shows where buyers are in the offer process; if they have signed confidentiality agreements; and brokers can add notes about each buyer. Belforte said Ten-X plans to streamline the list of buyers even further and make it sortable and add additional statistics and data.
He said Ten-X has a dedicated team meant to shepherd transactions and not replace the relationships brokers make with buyers and sellers.
“Brokers want to spend time building relationships and fostering leads and not cobbling together reports,” he said.
Belforte said benchmarking will be added in the future, but his team has not yet figured out what types of data to use for comparison for listings.
The platform is available to all customers, but active listings will remain on the old dashboard. Belforte said new listings will use the dashboard and the old platform is expected to be phased out by the end of May. The dashboard will be enhanced further in the coming weeks and months, he said.